‘You only have to get rich once’ — but the first $100K is hardest, Charlie Munger once said. How to get there faster

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e=this;e._store.resetNewCount(),e._view.updateBadgeNode(e._badgeNode),M(e._badgeNode,e._config.badge.hideClass)}},{key:"_showIndicator",value:function(){this._indicatorNode&&(this._store.getNotifications().newCount?M(this._indicatorNode,this._config.panel.indicatorClass):I(this._indicatorNode,this._config.panel.indicatorClass))}},{key:"_showBadge",value:function(){var e=this;e._store.getNotifications().newCount?I(e._badgeNode,e._config.badge.hideClass):M(e._badgeNode,e._config.badge.hideClass)}}]),e}(),F={promos:{eligibleBodyClass:"display-push-promos",enableNotifOnboard:!0,bypassEligibleClassCheck:!1,notifOnboardBtnLabel:"Notify Me",notifOnboardMsg:"Get alerts for breaking news and top stories",promoLogo:"https://s.yimg.com/cv/apiv2/ae/news/circle_bell.png",showYahooLogo:!0,subscriptionTopic:"gondor_homerun_news"},badge:{hideClass:"",maxCount:5,selector:""},panel:{emptyPanelMsg:"You have no new 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ends with two names: the late Charlie Munger and his partner in capital, Warren Buffett, the former CEO of Berkshire Hathaway.Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howNew 2026 IRA rules are here. See how to protect your nest egg from inflation before the next tax deadline with physical gold. Get your free guide from Priority GoldDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAPBuffett’s own investing wisdom — from his stance on the S&P 500 to his focus on companies that produce tangible products — has been internalized by many. But Buffett isn’t the only one who built Berkshire into a financial juggernaut.Munger also left behind a trove of wisdom for retail investors to follow.In one of his final interviews, he appeared on the Acquired podcast and noted, “You only have to get rich once. You don’t have to climb this mountain four times. You just have to do it once (1).”However, he also noted that earning that first $100,000 is the hardest step.“The hard part of the process for most people is the first $100,000,” Munger said at the annual meeting of Berkshire Hathaway shareholders in 1999. “If you have a standing start at zero, getting together $100,000 is a long struggle for most people (2).”He added that those who reach $100,000 relatively quickly share three helpful traits: “They’re passionate about being rational, very eager and opportunistic, and steadily underspend their income grossly.”Munger is not alone in his analysis.On a recent episode of The Money Guy Show, co-host Bo Hanson agreed that earning your first $100,000 is the most challenging, but reaching this milestone “shows that you’ve actually begun to master behavior (3).”“No one gets to $100,000 of investable assets by accident,” he said. “It’s not just something that you trip and fall into. It likely took some work to get there.”Here are a couple of investing insights that can help you start climbing toward the summit.Many investors’ retirement accounts are focused on markets, and conventional wisdom recommends a 60/40 portfolio split between stocks and bonds.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersBTC-USD Bitcoin USD 67,084.16 +253.14 (+0.38%)ETH-USD Ethereum USD 2,050.59 -6.74 (-0.33%)XRP-USD XRP USD 1.31 -0.01 (-1.09%)SOL-USD Solana USD 80.19 +0.28 (+0.36%)BTC-EUR Bitcoin EUR 58,230.25 +219.73 (+0.38%)PortfolioSign in to access your portfolioSign inTop gainersAAOI Applied Optoelectronics, Inc. 103.91 +17.56 (+20.34%)SBAC SBA Communications Corporation 204.04 +32.48 (+18.93%)YSS York Space Systems, Inc. 28.03 +4.43 (+18.77%)VSAT Viasat, Inc. 53.69 +8.46 (+18.70%)LUNR Intuitive Machines, Inc. 23.99 +3.75 (+18.53%)Top losersKNF Knife River Corporation 73.91 -8.20 (-9.99%)WIX Wix.com Ltd. 81.95 -8.55 (-9.45%)PBH Prestige Consumer Healthcare Inc. 52.48 -5.20 (-9.02%)ENPH Enphase Energy, Inc. 34.92 -3.36 (-8.78%)RGC Regencell Bioscience Holdings Limited 30.80 -2.92 (-8.66%)Most activeNVDA NVIDIA Corporation 177.39 +1.64 (+0.93%)INTC Intel Corporation 50.38 +2.35 (+4.89%)NOK Nokia Oyj 8.82 +0.55 (+6.65%)PLUG Plug Power Inc. 2.4100 +0.1600 (+7.11%)TSLA Tesla, Inc. 360.59 -20.67 (-5.42%)Top economic eventsEarnings eventsMy earnings eventsEarnings events